As Saudi Arabia’s two oil tankers came under attack by Houthi rebels of Yemen in the Red Sea channel near the bottleneck, known as the Bab-al-Mandab leading to a halt in oil supplies through the channel, Saudi Arabia has found a new unconventional ally.
Israel has announced that it would all the necessary support to keep the channel open for shipments if Iran-backed Houthis try to block it. Israeli Prime Minister Benjamin Netanyahu announced earlier this week that his country would join a coalition of countries that would work to keep the channel open by preventing attacks, “At the beginning of the week we were witness to a sharp clash between Iran’s proxies that tried to sabotage international shipping in the strait at the mouth of the Red Sea……If Iran tries to block the Bab al-Mandab waterway, I am convinced that it will find itself against an international coalition determined to prevent that. This coalition will include the State of Israel and all of its branches.”
On Tuesday, however, the Houthis announced that they were unilaterally halting attacks in the Red Sea for two weeks to support efforts to find a political solution to the war in Yemen.


FxWirePro: Daily Commodity Tracker - 21st March, 2022
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 



